ECRI has determined that November 2017 is the latest growth rate cycle peak date for Germany and April 2017 is the latest growth rate cycle peak date for Japan.

Growth rate cycles are alternating periods of accelerating and decelerating economic growth – and occur within business cycles, which pertain to the level of activity.

Growth rate cycle downturns can culminate in either recessions or soft landings that are followed by a reacceleration in economic growth. Using an approach analogous to that used to determine business cycle dates, ECRI has established growth rate cycle chronologies for more than 20 countries and is considered the arbiter for international business cycle dates.